What Does Renunciation Mean In Estate Planning?
The formal giving up of a right to serve in a position – personal representative/trustee/executor etc. This is generally done in writing and filed with the probate office/court or interested parties of a trust. A renunciation does not generally have the power to name a successor, it is just giving up the right to serve.
Example Of Renunciation In Regards To Estate Planning
I was named as the trustee of my brother’s trust, but I’m currently living abroad and don’t have the time to serve. My attorney is helping me file a renunciation so the person next in line can be appointed.